DCF Tool

MDLZ

Mondelez International Inc. – Other Snack Food Manufacturing
Mondel─ôz International, Inc. empowers people to snack right in over 150 countries around the world. With 2020 net revenues of approximately $27 billion, MDLZ is leading the future of snacking with iconic global and local brands such as OREO, belVita and LU biscuits; Cadbury Dairy Milk, Milka and Toblerone chocolate; Sour Patch Kids candy and Trident gum. Mondel─ôz International is a proud member of the Standard and Poor's 500, Nasdaq 100 and Dow Jones Sustainability Index.
Analysis Results
Intrinsic Value $98.90
Latest Price $54.83
Relative Value 45% undervalued
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Cash Flow (Billions)
Analysis Parameters
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Analysis Details
Growth Rate Projection

An exponential growth model was fit to the past cash flow data, giving more weight to more recent years. This model determined a growth rate estimate of 6.2%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 4.8%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 6.2%, the cash flows for the next 5 years are projected.

The present value of each year's flow is adjusted to present value using the discount rate.

Year Future flow (billion) Present value (billion)
2022 4.01 3.83
2023 4.26 3.88
2024 4.53 3.94
2025 4.81 3.99
2026 5.11 4.05
Terminal Value

Assuming the company was sold after the projection period at an exit multiple of 30, the terminal value of the company would be 153 billion. This corresponds to a present value of 116 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 19.7 billion. Adding in the terminal value gives a total present value of 136 billion.

There are presently 1.37 billion outstanding shares, so the intrinsic value per share is 98.9.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 20,684,000,000
Current Cash 7,092,000,000
Current Liabilities 28,016,000,000
Current Debt 3,924,000,000
Non-Cash Working Capital (NCWC) -10,500,000,000
Change in NCWC -4,471,000,000
EBIT 10,500,000,000
Tax Provision 2,380,000,000
Depreciation and Amortization 2,226,000,000
Capital Expenditure -1,930,000,000
Unlevered Free Cash Flow 4,054,832,848
Current Assets 9,979,000,000
Current Cash 3,619,000,000
Current Liabilities 15,159,000,000
Current Debt 2,770,000,000
Non-Cash Working Capital (NCWC) -6,029,000,000
Change in NCWC -1,265,000,000
EBIT 4,575,000,000
Tax Provision 1,224,000,000
Depreciation and Amortization 1,116,000,000
Capital Expenditure -863,000,000
Unlevered Free Cash Flow 2,394,671,187
Current Assets 7,630,000,000
Current Cash 1,291,000,000
Current Liabilities 15,322,000,000
Current Debt 4,219,000,000
Non-Cash Working Capital (NCWC) -4,764,000,000
Change in NCWC -371,000,000
EBIT 4,469,000,000
Tax Provision 2,000,000
Depreciation and Amortization 1,047,000,000
Capital Expenditure -925,000,000
Unlevered Free Cash Flow 4,217,700,540
Current Assets 7,604,000,000
Current Cash 1,100,000,000
Current Liabilities 16,737,000,000
Current Debt 5,840,000,000
Non-Cash Working Capital (NCWC) -4,393,000,000
Change in NCWC -39,000,000
EBIT 4,249,000,000
Tax Provision 773,000,000
Depreciation and Amortization 811,000,000
Capital Expenditure -1,095,000,000
Unlevered Free Cash Flow 3,137,977,687
Current Assets 7,520,000,000
Current Cash 761,000,000
Current Liabilities 15,793,000,000
Current Debt 4,680,000,000
Non-Cash Working Capital (NCWC) -4,354,000,000
Change in NCWC -658,000,000
EBIT 4,436,000,000
Tax Provision 688,000,000
Depreciation and Amortization 816,000,000
Capital Expenditure -1,014,000,000
Unlevered Free Cash Flow 2,737,845,474
Current Assets 8,480,000,000
Current Cash 1,741,000,000
Current Liabilities 14,417,000,000
Current Debt 3,982,000,000
Non-Cash Working Capital (NCWC) -3,696,000,000
Change in NCWC -703,000,000
EBIT 3,713,000,000
Tax Provision 129,000,000
Depreciation and Amortization 823,000,000
Capital Expenditure -1,224,000,000
Unlevered Free Cash Flow 2,342,605,672
Current Assets 8,958,000,000
Current Cash 1,870,000,000
Current Liabilities 10,922,000,000
Current Debt 841,000,000
Non-Cash Working Capital (NCWC) -2,993,000,000
Change in NCWC -1,940,000,000
EBIT 3,754,000,000
Tax Provision 593,000,000
Depreciation and Amortization 894,000,000
Capital Expenditure -1,514,000,000
Unlevered Free Cash Flow 911,640,537
Current Assets 11,750,000,000
Current Cash 1,631,000,000
Current Liabilities 14,007,000,000
Current Debt 2,835,000,000
Non-Cash Working Capital (NCWC) -1,053,000,000
Change in NCWC 152,000,000
EBIT 3,934,000,000
Tax Provision 353,000,000
Depreciation and Amortization 1,059,000,000
Capital Expenditure -1,642,000,000
Unlevered Free Cash Flow 2,959,263,899
Current Assets 13,216,000,000
Current Cash 2,664,000,000
Current Liabilities 14,396,000,000
Current Debt 2,639,000,000
Non-Cash Working Capital (NCWC) -1,205,000,000
Change in NCWC -1,330,000,000
EBIT 4,214,000,000
Tax Provision 60,000,000
Depreciation and Amortization 1,077,000,000
Capital Expenditure -1,622,000,000
Unlevered Free Cash Flow 2,233,297,658
Current Assets 15,622,000,000
Current Cash 4,475,000,000
Current Liabilities 14,873,000,000
Current Debt 3,851,000,000
Non-Cash Working Capital (NCWC) 125,000,000
Change in NCWC 506,000,000
EBIT 3,683,000,000
Tax Provision 207,000,000
Depreciation and Amortization 1,345,000,000
Capital Expenditure -1,610,000,000
Unlevered Free Cash Flow 3,494,247,463

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